Granite Asia (formerly GGV Capital) has made the first close of its debut pan-Asia private credit fund at $350 million, anchored by Temasek’s new private credit manager, Khazanah Nasional Berhad, and the Indonesia Investment Authority (INA).
The 2025-vintage Libra Hybrid Capital Fund, which is targeting $500 million in the final close, gathered fresh commitments from global institutional investors, sovereign wealth funds, its general partners, and 25-year network of founders and entrepreneurs, according to a company statement.
The debut vehicle, which started investing this year, focuses on performing credit for profitable businesses in the Asia-Pacific region to help them drive growth and business transformation. It has already deployed and committed about 30% of its available capital across six transactions, with several additional deals in execution across a diversified pipeline.
“We’re seeing strong demand for private credit from companies undergoing transformative growth—redesigning supply chains, expanding into new markets, or modernising through technology,” said Ming Eng, Managing Partner at Granite Asia, who leads the firm’s private credit strategy.
“These businesses require not just financing solutions beyond traditional equity or debt, but a trusted partner with specialised expertise and a deep regional track record.”
This dynamic creates an opportunity for investors to gain exposure to Asia’s growth through a capital-preserving credit strategy that aims to deliver stable yields while offering structured upside, such as revenue sharing, to pursue equity-like returns without taking on equity-like risk, Eng added.
Jenny Lee, Senior Managing Partner at Granite Asia, said: “Private credit is a natural extension of our platform and reflects the evolving capital needs of the visionary founders and businesses we back. It strengthens our ability to provide comprehensive financing solutions—from equity to credit—built on the same discipline, insight, and long-term partnership that define Granite Asia.”
The firm’s credit team has doubled in size this year, the statement said. Granite Asia now manages $6 billion in assets across its venture capital, growth, and credit strategies. It has backed over 500 companies with 63 IPOs globally.
